Central American roof and construction materials company Alutech said it plans to raise up to $100 million in the Panamanian market to finance acquisitions.

Alutech intends to issue multiple series of dollar-denominated bonds at fixed or floating rates over Libor to fund the company’s expansion plans and add to working capital, according to a prospectus.

The company could issue $75 million worth of bonds in the first series to finance the purchase of stakes in two construction material businesses in Centra America, it added, without providing details on the potential acquisitions.

“The placement would be the exclusive source of financing for the investments or acquisitions that the issuer manages to complete in the next six months, without contemplating other additional sources of financing,” Alutech said.

It hired investment firm Singular Securities as placement agent on the sales.

Alutech issued $5 million worth of three-year mortgage bonds at a fixed rate of 7.25% in the Panamanian market in August last year, according to information from Panama’s Latinex stock exchange.

Based in Honduras, Alutech operates in Guatemala, El Salvador, Costa Rica, Nicaragua and the Dominican Republic.